Cab license plates, which have become an investment tool within the last few years due to high prices and revenues, from now on will not be sold to investors who are dealing with other occupations.

Cab licenses are a safe and a high-profit-yielding investment tool as it provides a fixed rental income. While most investors are doctors and football players, from now on, cab license plates will only profit those whose occupation is a cab driver.

According to the decision taken on March 12 by the Metropolitan Municipality of Istanbul, Transportation Coordination Center (UKOME), only those who declare that their occupation as a driver, and that they constantly perform this occupation, will be able to purchase cab license plates. The prospective buyers will need to submit a certificate from the Tax Office indicating that "they are not employed anywhere else."

The price of license plates for cabs has increased by 18 percent since January last year, and continues to remain a profitable investment tool. Cab license plates, which are deemed a secure and valuable investment, were sold for around TL 1.3 million ($554,276) last year and now cost around TL 1.6 million.

Speaking to Anadolu Agency (AA), the Chairman of Istanbul Cab Drivers Craftsman Association (İTEO), Yahya Uğur underlined that UKOME's decision was a correct one, and that they are glad this application "that harms their occupation" is being cancelled. "We just want those who have adopted this occupation to perform it. Thus, we can increase the quality of our occupation and service. Only those who earn a living out of this should be involved in this job," said Uğur. He also added that now anyone wanting to purchase cab license plates will be examined.

Up until now, anyone who applied to the İTEO for a certificate confirming that they are cab drivers could be granted one, even though they had nothing to do with the profession. However now, in order to receive such a certificate, applicants need to first submit the certificate from the Tax Office.

"Being a cab driver is not all about profit, but about making a living out of it. No one should try to gain profits out of our hard work," added Uğur. He also noted that investors, who are not thinking of performing this occupation, do not strive to increase the service quality. He added that this new regulation is a great step in ensuring that this occupation is not just a place to earn undeserved income.